Foreclosure looms for empty San Jose office and tech building

SAN JOSE — A big San Jose office and research building faces foreclosure and seizure by its lender, a fresh reminder of the widening post-coronavirus ailments afflicting the Bay Area commercial real estate market.

At one point, Khloris Biosciences had signed a lease to occupy the entire building at 5729 Fontanoso Way in South San Jose. It wasn’t clear, however, whether the company ever occupied the building.

Now, the property’s lender, The Evergreen Advantage, has scheduled a public auction for the office building as part of its efforts to foreclose the delinquent loan, according to documents filed on Oct. 23 with the Santa Clara County Recorder’s Office.

The delinquent loan, issued in July 2022, totals $18.4 million, county documents show.

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